Greenspun v. Lindley
New York Court of Appeals
36 N.Y.2d 473, 369 N.Y.S.2d 123, 330 N.E.2d 79 (1975)
- Written by Mary Phelan D'Isa, JD
Facts
A real estate investment trust was established under the laws of Massachusetts and provided that Massachusetts law determined the rights of all parties. Eventually the trust came to be managed by a New York company and 11 trustees, five of whom were officers of the New York company. Holders of beneficial shares of interest in the trust (holders) (plaintiffs) sought to challenge the trustees’ investment decisions and excessive management fees in a New York state court. The holders named the trustees, the management company, and the trust as defendants. The trial and appellate courts applied Massachusetts law and dismissed the action because the holders did not first make a demand on the trustees as required by Massachusetts corporation law. The holders appealed.
Rule of Law
Issue
Holding and Reasoning (Jones, J.)
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